2012 PTD 202

Case Laws / Head Notes / Paras

---Unexplained income or assets---No definite information---Addition without making an effort to verify the ownership of property as well as the exact investment of car---Validity---No definite information was available with the department while initiating proceedings as was evident from the wealth statement and lease documents as well as ownership documents of the property submitted at the time of hearing---Car was obtained on lease and lease amount paid up to 3-6-2003 to the leasing company was accordingly declared in wealth statement for the tax year 2003---Addition of Rs.4,83,000, which was the total amount of car, showed that the Taxation Officer was in possession of incomplete information---Property which was not even owned by the taxpayer as was evident from the record of Housing Au...